The True Cost of Rising Fees

Anyone with an A-level in economics can calculate on the tip of their fingers that if tuition fees for university go up, requests for academic education falls and the demand for loan increases. So considering the credit risk assessment, the government and universities shouldn’t be using it as a fund raising policy. Do the government actually not understand this, or is there a hidden agenda behind the decision to raise tuition fees? Whatever the reason, do they really think a simple apology solves the problem?

When I was in college, there were eight students of eight different nationalities studying the same course with the same tutor, and benefiting from identical facilities. However, only two of us were overseas students, and had to pay almost four times as much for tuition than those who came from Europe. This always made me think that while equality is a virtue of our age, when it comes to business you should take it with a pinch of salt.

Now, however, I feel the tuition fee situation is more unfair for home students. Overseas students are generally from developing countries, where there are more well paid job opportunities and so the prospect of a degree or qualification from abroad counts for much. On the other hand, the very large cost of studying abroad means it is vital to weigh up the benefits and losses before making the decision.

I’m not sure how many of you have been trying to find a job over last couple of years. Just to update those of you may not follow the news – around 312 thousands companies have gone bust over recent recession, and the double recession (or in fact the depression) we’re currently experiencing means the grounds and foundations to create jobs are also getting demolished. Official statistics of National unemployment is around 2.7 million; and most of the unemployed are actually qualified and experienced professionals who are more than happy to start working. Only within last year, 671,000 NI numbers have been allocated for non-UK nationals, almost half of whom are temporary immigrants whose life style is not as expensive as UK citizens, and who are willing to work for a competitive wage.

In the current situation, you’re most likely to find a job if you’re either extremely highly qualified or just an ordinary worker – yet you can’t condition your salary. In this collapsed market, for graduates with middle class standards and expectations, the worst thing the government could have done was such a miscalculation in the engineering of their future. Perhaps it’s even gone so far as to be one mistake away from British graduates immigrating themselves to find work.

Tripling a tuition fee which is not obligated to be paid up front means triple the period of repayment, along with triple the interest, during a herculean economic crisis and recovery period. Yet it’s not adding up funds for government to invest for creating jobs. At most, it will ensure Mr Clegg’s smart face and his pleasant apology will be everlasting in our minds.

The hope of occupying a position with the right kind of salary after university is almost wishful thinking. I’m not trying to be pessimistic, but instead want to encourage you to take these years of university seriously, and make the most out of what you’re paying so much for. You should either be a book worm, and even start voluntary works along with your study to stand out from the crowd, or instead be a party animal and enjoy your student times enough to remember them for the rest of your life – it’s unlikely you’ll have the chance to repeat them.

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